A GUIDE FOR RESOURCEFUL RECRUITERS The Benefits … · 13 | The Benefits Employees Want Most...

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A GUIDE FOR RESOURCEFUL RECRUITERS The Benefits Employees Want Most

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  • A GUIDE FOR RESOURCEFUL RECRUITERS

    The Benefits Employees Want Most

  • 2 | The Benefits Employees Want Most

    Copyright © 2008–2017, Glassdoor, Inc. “Glassdoor” and logo are proprietary trademarks of Glassdoor, Inc.

    Benefits are one piece of the employer brand puzzle that

    cannot be overlooked.

    In the face of rising health insurance costs, shrinking pension

    plans, unlimited paid time off and more generous family

    leave policies, employers have to carefully evaluate how

    their benefits program impacts their ability to attract and

    retain talent.

    Aspects of an Employer Brand:

    INTRODUCTION

    Source: 1 Employer Costs for Employee Compensation Historical Listing March 2004 – December 2015, Bureau of Labor Statistics, 2016

    Benefits like health insurance, paid leave and retirement plans make up about

    a third of the total compensation pie — a share that has been rising in recent decades.1

    culturemission

    benefitsgrowth opportunitiesperks

    brand communication diversity

    compensation

  • 3 | The Benefits Employees Want Most

    Copyright © 2008–2017, Glassdoor, Inc. “Glassdoor” and logo are proprietary trademarks of Glassdoor, Inc.

    Sources: 1 Harris Poll for Glassdoor, December 2015; 2 Glassdoor Employment Confidence Survey, October 2015

    INTRODUCTION

    ATTRACT In a candidate-driven market, benefits can sway

    candidates’ decisions to accept employment offers.

    RETAIN Benefits are also vital to retaining employees long-term. Nearly 80% of

    workers would prefer new or additional benefits to a pay increase.2

    MILLENNIALS Benefits are particularly appealing to younger workers. 90% of those

    18 to 34 years old say they would prefer benefits over pay, versus

    70% of the those 45 to 54 and 66% of those 55 to 64.2

    of job candidates report benefits and perks are among their top considerations before accepting a job.157%

  • 4 | The Benefits Employees Want Most

    Copyright © 2008–2017, Glassdoor, Inc. “Glassdoor” and logo are proprietary trademarks of Glassdoor, Inc.

    SECTION 1

    How Benefits Influence Your Employer Brand

  • 5 | The Benefits Employees Want Most

    Copyright © 2008–2017, Glassdoor, Inc. “Glassdoor” and logo are proprietary trademarks of Glassdoor, Inc.

    SECTION 1: How Benefits Influence Your Employer Brand

    Today, before applying for open positions,

    job candidates do more research than ever before.

    Part of that effort includes pouring over online

    company reviews left by employees, who like

    sharing first-hand opinions about their workplace

    experiences, including how they feel about benefits.

    When benefits programs change, the

    news is likely to ripple through social

    commentary on sites like Glassdoor,

    which can affect and shape perceptions

    of your company and employer brand.

    That means companies should carefully

    consider the consequences of benefit

    reductions and have a structured

    approach to rolling out changes.

    61% of Glassdoor users report

    that they seek company reviews

    and ratings before making

    a decision to apply for a job.1

    Glassdoor users report that they

    use an average of 7.6 job sites

    during their job search.1

    Top 5 pieces of information job seekers want

    employers to provide as they research where to work:2

    Details on compensation packages

    Details on benefits packages

    Basic company information

    Details on what makes the company an attractive place to work

    Company mission, vision and values

    1

    3

    2

    4

    5

    of job seekers are more likely to apply to a job if the employer actively manages its employer brand 1(e.g., responds to reviews, updates its profile, shares updates on culture and work environment).69%

    Sources: 1 Glassdoor U.S. Site Survey, January 2016; 2 Glassdoor U.S. Site Survey, January 2015

  • 6 | The Benefits Employees Want Most

    Copyright © 2008–2017, Glassdoor, Inc. “Glassdoor” and logo are proprietary trademarks of Glassdoor, Inc.

    SECTION 2

    Which Benefits Matter Most

    Each benefit or perk sends a particular message about your company’s culture and employment

    brand. Because every change in benefits requires a significant resource investment in evaluation

    and rollout, it’s wise to carefully consider which changes will have the most impact.

  • 7 | The Benefits Employees Want Most

    Copyright © 2008–2017, Glassdoor, Inc. “Glassdoor” and logo are proprietary trademarks of Glassdoor, Inc.

    Rank Benefit Type Correlationon a scale of 0-1.0

    1 Health Insurance 0.7

    2 Vacation and Paid Time Off 0.6

    3 Pension Plan 0.6

    4 401K Plan 0.6

    5 Retirement Plan 0.5

    SECTION 2: Which Benefits Matter Most

    Focus on the BasicsA Glassdoor Economic Research study revealed

    which of the 54 benefits have the highest correlation

    with employee satisfaction.

    The core benefits of health insurance, paid leave and retirement

    plans matter more than specific benefits like maternity/paternity

    leave, dependent care, stock options and free food.

    Getting the basics (health insurance, paid leave and retirement

    assistance) right will do more for employee satisfaction than adding

    ancillary benefits and fun perks. Any cuts to the three basic areas

    should be carefully considered for their potential impact.

    Top 5 Benefits by Correlation of Overall Satisfaction with Benefit Packages1

    Source: 1 The Best Industries for Benefits, Glassdoor Economic Research, May 2016

  • 8 | The Benefits Employees Want Most

    Copyright © 2008–2017, Glassdoor, Inc. “Glassdoor” and logo are proprietary trademarks of Glassdoor, Inc.

    SECTION 3

    Keep Up With — or Ahead of — Your Industry

  • 9 | The Benefits Employees Want Most

    Copyright © 2008–2017, Glassdoor, Inc. “Glassdoor” and logo are proprietary trademarks of Glassdoor, Inc.

    SECTION 3: Keep Up With — or Ahead of — Your Industry

    Highest-Rated Benefits

    Lowest-Rated Benefits

    Highest-Rated 401(K) Plans

    Highest-Rated Maternity/

    Paternity Leave

    Finance (3.7)

    Business Services (3.4)

    Finance (3.8)

    Finance (3.8)

    Information Technology (3.7)

    Retail (3.1)

    Education (3.8)

    Information Technology (3.7)

    Manufacturing (3.6)Food Services

    (2.7)Manufacturing

    (3.8)Education

    (3.6)

    Source: 1 The Best Industries for Benefits, Glassdoor Economic Research, May 2016

    Is Your Benefits Program on Par With Your Industry?Knowing how you stack up against other companies can

    help you stand out, especially if you offer better benefits than

    talent competitors. It’s also an important discussion point

    when interviewing candidates from other industries.

    Ranking on 1-5 scale of Benefits Criteria by Industry1

    When evaluating your benefits package, research competitor

    benefits packages as well as their benefit reviews on Glassdoor.

    Note reviewer sentiment and how benefits changes are perceived.

    Use competitive information to make the case for or against

    benefits changes to your senior leadership.

    ACTION TIPS

  • 10 | The Benefits Employees Want Most

    Copyright © 2008–2017, Glassdoor, Inc. “Glassdoor” and logo are proprietary trademarks of Glassdoor, Inc.

    SECTION 4

    Examine Your Benefits Package

    As you look to change benefits programs, remember that health insurance, paid time off and

    retirement plans are of the utmost importance to employees and candidates. Employees will

    be the most vocal about cuts to these programs.

  • 11 | The Benefits Employees Want Most

    Copyright © 2008–2017, Glassdoor, Inc. “Glassdoor” and logo are proprietary trademarks of Glassdoor, Inc.

    SECTION 4: Examine Your Benefits Package

    Before making cuts to your benefits package:

    Research your industry.

    Check your reviews on Glassdoor. Note sentiment about benefits

    in overall reviews and benefits review sections.

    Conduct an internal survey and/or focus groups to determine

    how cuts may be received.

    Conduct a financial analysis of cuts and compare against publicly

    known metrics like CEO salary and executive bonuses.

    Consider what free/low costs perks you can offer to offset cuts.

    Ideas may include:

    • Wellness Programs (e.g., gym discounts, team hikes,

    sports groups, meditation and yoga)

    • Volunteer Time Off (VTO)

    • Financial Education

    Be the Voice of Your Company’s EmployeesPresent the results of your research and recommendations

    to senior management. Arming executives with this

    intelligence allows them to make decisions on behalf of the

    well-being of the company and its employees.

  • 12 | The Benefits Employees Want Most

    Copyright © 2008–2017, Glassdoor, Inc. “Glassdoor” and logo are proprietary trademarks of Glassdoor, Inc.

    SECTION 5

    How to Plan Your Benefits

    A little planning will go a long way in maintaining the

    integrity of your employer brand when making benefits

    reductions or enhancements.

  • 13 | The Benefits Employees Want Most

    Copyright © 2008–2017, Glassdoor, Inc. “Glassdoor” and logo are proprietary trademarks of Glassdoor, Inc.

    SECTION 5: How to Plan Your Benefits

    Tips for planning a successful benefits rollout:

    Be transparent in your company’s rationale behind the

    change. Let employees know what’s driving the decision

    and how it will benefit your organization as a whole or its

    bottom line.

    Test messaging by looking at Glassdoor to see how similar

    changes were previously received.

    Leverage expertise by asking mid-level managers for

    confidential pre-launch feedback and involving them in

    the rollout.

    Provide clear messaging by creating manager and

    employee toolkits for the rollout. Provide manager training

    if necessary.

    Capture feedback by providing an open forum for

    employees to discuss concerns and ask questions. Use

    tools like Waggl, Slack or a company intranet/Wiki page.

    Though changes to health insurance, paid time off and retirement

    programs have the most impact, additions like extended

    maternity/paternity leave policies, free food, tuition reimbursement,

    childcare assistance and transportation subsidies can foster goodwill.

    Your full package of benefits strengthens your employer brand

    even among the employees who don’t take advantage of them.

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    5

    2

    3

    4

  • 14 | The Benefits Employees Want Most

    Copyright © 2008–2017, Glassdoor, Inc. “Glassdoor” and logo are proprietary trademarks of Glassdoor, Inc.

    Remember, research shows that the core benefits of

    health insurance, paid time off and retirement plans

    are essential components of your employer brand and

    candidate appeal! They help you attract, hire and

    retain great talent in a competitive hiring market.

    As you consider modifying or upgrading your benefits

    package, carefully consider the potential impact of your

    actions. In an age of organizational transparency and

    always-on social media, any changes to your benefits

    will naturally affect both candidate and employee

    sentiment about your company.

    SUMMARY

    Proactively study your competitors’ benefits,

    including how employees reacted to certain

    changes or modifications.

    Engage your own employees, asking their

    feedback on the value they place on certain

    benefits. Also, verify that your benefits are

    updated and accurate on your Glassdoor profile.

    Accompany your benefits rollout with

    clear, transparent messaging and rationale

    for any changes.

    To head-off concerns, stay competitive and

    ensure a successful benefits rollout, here are

    three best practices:

    1

    2

    3

  • 15 | The Benefits Employees Want Most

    Copyright © 2008–2017, Glassdoor, Inc. “Glassdoor” and logo are proprietary trademarks of Glassdoor, Inc.

    To get involved in the conversation on Glassdoor and start managing and promoting your employer brand,

    email [email protected], call (415) 339-9105 or visit www.glassdoor.com/employers.

    For the latest in recruitment marketing tips, best practices and case studies, follow us on Twitter: @GDforEmployers.

    It’s easy to get started! Start monitoring

    your brand reputation today.

    Unlock Your Free Employer Profile

    About GlassdoorWith millions of company reviews, salary reports, interview reviews and benefits

    reviews on more than 700,0001 companies worldwide, Glassdoor is a trusted and

    transparent place for today’s candidates to search for jobs and research companies.

    Glassdoor helps employers across all industries and sizes advertise their jobs and

    promote their employer brands to a well-researched, highly selective candidate

    pool. By advertising jobs via mobile devices, email alerts and throughout Glassdoor,

    employers influence candidates at the moment they’re searching jobs and making

    decisions. This results in more-informed candidates that require 50% fewer

    resumes to find a quality hire at a fraction of the cost of traditional job boards.2

    Sources: 1Glassdoor Internal Data, March 2017; 2As measured by application-to-hire ratio compared to other job sites based on a study of 2015 hiring data for 30 million applications

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